Recently, the four seasons report of public funds entered an intensive disclosure period, and the position adjustment trend of many star fund managers was exposed.
Looking back on the past few months, the market has entered the period of rectification and repair since the fourth quarter of last year. High profile industries such as new energy and CXO throughout 2021 have begun to adjust one after another. The undervalued blue chip bottomed out and rebounded, and the market style has been rebalanced.
In the face of this market change, the positions of many fund managers have changed significantly. For example, Zhao Feng of Ruiyuan fund made profit taking on some new energy stocks, Liu Gesong of GF fund made position adjustment and stock exchange within the new energy sector, while Wang Chong of BOCOM Schroeder fund and Qiu Dongrong of Zhonggeng fund bucked the trend and increased the allocation weight of Hong Kong stocks.
Liu Gesong increased his position Ja Solar Technology Co.Ltd(002459) to the largest heavy position stock
On the evening of January 20, Liu Gesong, the top flow fund manager of GF, disclosed the 2021 fourth quarter report of some of its funds. Taking the growth of GF small cap as an example, the fund slightly reduced its stock position in the fourth quarter of last year, and the proportion of stock market value in the total assets of the fund decreased from 93.79% in the third quarter to 89.59%.
Specifically, the fund made adjustments within the new energy sector, reduced its holdings of Longi Green Energy Technology Co.Ltd(601012) , Eve Energy Co.Ltd(300014) , and increased its positions in Ja Solar Technology Co.Ltd(002459) , Chongqing Sokon Industry Group Stock Co.Ltd(601127) and other stocks. Among them, Ja Solar Technology Co.Ltd(002459) jumped from the ninth heavyweight stock in the third quarterly report to the first heavyweight stock, increasing its holdings of 3.4369 million shares.
Historically, Liu Gesong began to take a heavy position in the third quarterly report of last year. By the end of last year, the stock had increased by nearly 90% in the second half of last year, which contributed a lot to the fund.
Looking forward to 2022, Liu Gesong is still optimistic about the growth sustainability and profit growth of assets in the direction of "global comparative advantage manufacturing". He believes that the "moat" created by entrepreneurs' leadership, advanced manufacturing capacity under industrial agglomeration and other factors has been widening. In the future, more world-class companies will appear in photovoltaic, power cells, energy storage, panels, new chemical materials, automobiles and auto parts, high-end equipment and other directions, The asset allocation of the fund still focuses on these directions
In addition, Liu Gesong believes that the situation of style differentiation may continue in 2022. The potential value of assets or our income expectation for a class of assets depends on the performance growth rate of such assets, the sustainability of the growth rate and the valuation level that the market is willing to give such assets. Under the business model of sustainable growth, the market is more willing to give such assets a higher valuation level when the asset performance growth continues to exceed the expected period, and vice versa. In the current transformation period of new and old driving forces of China's macro economy, different assets are in different boom stages, so the differentiation of assets is a high probability event.
Xiao Nan, the "big brother of consumption", added traditional energy and emerging fashion play
Xiao Nan, the "first brother of consumption", also released the fourth quarter report of 2021 for some of its funds on the evening of January 20.
According to the fourth quarter report of e-fund Keshun, Xiao Nan significantly reduced her stock position in the fourth quarter of last year, and the share of stock market value in the total assets of the fund decreased from 90.32% in the third quarter report to 78.82%, a decrease of more than 10 percentage points. In this regard, Xiao Nan explained that "due to the end of the first three-year closure period, the fund has greatly reduced its position in response to redemption, and the position is still gradually recovering."
Due to heavy positions in the consumer sector, Xiao Nan's performance in 2021 was poor, He wrote in the quarterly report: "Since this year, our portfolio has suffered great losses, prompting us to reflect that if we can respect the law more, we will not be surprised after some bad news. For example, once some consumer goods enter the sales recession, they will not improve for a long time; the huge capital expenditure at the high point of the industry will inevitably lead to the precarious cash flow at the low point. ”
The above reflection has been reflected in the position adjustment of its four seasons report. Yi Fang Da Ke Shun's four seasons report shows that the fund has adjusted the structure of the food and beverage sector, reducing the middle and low Baijiu liquor that is affected by the epidemic. Luzhou Laojiao Co.Ltd(000568) and Beijing Shunxin Agriculture Co.Ltd(000860) have been transferred out of the top ten heavy duty stocks.
At the same time, the fund increased the allocation of power and coal sectors in the fourth quarter, China Shenhua Energy Company Limited(601088) new top ten heavy warehouse stocks. "We believe that a possible and reasonable accident caused by this round of new energy revolution is that traditional energy is becoming more and more valuable - with the promotion of new energy, the supply of traditional energy is becoming more and more tense." Xiao Nan wrote in the quarterly report.
In addition, Xiao Nan continued to buy bubble mart, a company related to the fashion industry, in the fourth quarter of last year. Although the stock price has not performed well in the short term, Xiao Nan said he believes that these emerging business models and product forms will eventually be recognized by the market.
"We don't think it's the best choice to play games on short-term data. Since this year, we have been thinking about what has brought us excess returns or losses - we think that those things that seem unexpected but look back on the law are the real reasons for our excess returns or losses." Xiao Nan said that he has arranged some leading companies in the fine molecule industry that are not fully recognized by the market - for such companies, the accumulation from quantitative change to qualitative change itself will bring "reasonable accidents" to the market.
Fu Pengbo increased his position Sanan Optoelectronics Co.Ltd(600703) , and Zhao Feng reduced his holdings of new energy
On January 20, the 2021 fourth quarter report of the funds of "Ruiyuan Shuangxiong" Fu Pengbo and Zhao Feng disclosed. Overall, both of them maintained a high stock position at the end of last year. Among them, the stock position of Ruiyuan growth value managed by Fu Pengbo was 93.51%, which was basically the same as that at the end of the third quarter, and Zhao Feng's three-year stock position of Ruiyuan equilibrium value was 91.94%, an increase of nearly 3% compared with the third quarterly report.
Specifically, Ruiyuan's growth value managed by Fu Pengbo increased its position by 12.9187 million shares Sanan Optoelectronics Co.Ltd(600703) in the fourth quarter of last year, making it the largest heavy position stock; In addition, Shandong Sinocera Functional Material Co.Ltd(300285) replaces Shenzhen Capchem Technology.Ltd(300037) and newly enters the top ten heavyweight stocks; At the same time, the fund slightly reduced its holdings of Luxshare Precision Industry Co.Ltd(002475) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Han'S Laser Technology Industry Group Co.Ltd(002008) and other stocks, with little overall change.
For the above adjustments, Fu Pengbo concluded in the quarterly report: "the fund has maintained a high position operation, and the top ten stocks in the portfolio have not changed much. Except for the increase in the positions of corresponding companies of compound semiconductor, the other increases and decreases are limited. From the perspective of industry distribution, we have focused on sub sectors such as building materials, chemical industry, TMT and new energy, and the proportion of core stocks is relatively stable."
In contrast, Ruiyuan's balanced value position adjustment managed by Zhao Feng has a large range. Among them, Xiaomi group, the second largest heavy position stock in the third quarterly report, has been transferred out of the list of the top ten heavy positions and Zhejiang Weiming Environment Protection Co.Ltd(603568) has entered; In addition, the fund also reduced its holdings of China Mobile, Jinyu Bio-Technology Co.Ltd(600201) , Sieyuan Electric Co.Ltd(002028) and other stocks.
In addition, although it is not obvious in the list of heavy positions, Zhao Feng wrote in the quarterly report: "with the sharp rise of individual stocks in new energy related fields, the cost performance of relevant individual stocks has decreased, and a certain income has been moderately realized." He said that for a long time, he still focused on excellent enterprises underestimated by the market and paid close attention to enterprises that can still show strong business toughness under the disturbance of many macro factors. Such enterprises continue to improve their operating capacity, obtain market share and optimize the industry pattern against the trend. Once the industry recovers, the enterprise has great profit elasticity, and the market will reprice such companies at that time.
Looking forward to 2022, Fu Pengbo said that the non-financial growth rate of all a may fall, and high growth enterprises will highlight their scarcity. The prosperity of the industry in which the listed company is located, the medium and long-term development space and certainty, as well as the available resources in the growth process are important indicators for screening. The fund will dynamically adjust the position structure in combination with the pre disclosure of the performance of the listed company in January, while new energy, military industry, new materials and high-end manufacturing are still the industries of key concern.
Wang Chong and Qiu Dongrong increased their positions in Hong Kong stocks against the trend
Affected by the downward economic fundamentals, policy repression and US dollar outflow, the Hong Kong stock market continued to be under pressure, but some star fund managers increased their positions in Hong Kong stocks against the trend in the fourth quarter.
On the evening of January 20th, the Schroder bank fund of the Bank of communications disclosed the four seasons report of its fund. Among them, the three year holding fund of the Bank of China, which was managed by Wang Chong, raised the position of rights and interests allocation in the four quarter, especially the weight of the share allocation of Hong Kong stocks. The shares of Baoli and Kwai -W of Hong Kong stocks were substantially increased. Overall, the market value of the fund's Hong Kong stock positions at the end of last year accounted for about 35.52% of the fund's net value, an increase of four percentage points compared with the end of the third quarter.
Although the Kwai -W was promoted, the fund was transferred to the software and Internet industry. The three largest quarterly heavy share Tencent holdings was reduced sharply, and the top ten top positions were transferred. In addition, the fund also reduced some stocks in food, beverage, computer, property and chemical industry, and Tongkun Group Co.Ltd(601233) , Juewei Food Co.Ltd(603517) and other stocks were also transferred out of the former ten major heavy positions.
"At present, the fund mainly holds stocks of Companies in non popular industries. From the perspective of three or four years, these companies have obvious competitive advantages, and their stock valuation level does not significantly overdraw the performance expectations in the next few years. The stocks of these companies with reasonable or low valuation are expected to achieve the correct annualized rate of return in the next few years. At present, we continue to be full of confidence." Wang Chong said in the four seasons.
Looking forward to the future, Wang Chong believes that lengthening the investment perspective, A-Shares in the current shock stage and Hong Kong stocks that continue to decline may provide very good layout opportunities for medium and long-term investors. He said he would continue to stick to the capability circle and select high-quality company stocks with strong competitiveness, good competition pattern and reasonable or low valuation in a wide range of manufacturing and service industries in the next three or four years for medium-term layout.
Coincidentally, Qiu Dongrong of Zhonggeng fund also significantly increased his position in Hong Kong stocks in the fourth quarter of last year. Take Zhonggeng value pilot as an example. In October 2021, the fund modified the fund contract and added the investment scope of Hong Kong stocks. Then the fund quickly began to copy the bottom of Hong Kong stocks, including Yankuang energy and CNOOC.
Qiu Dongrong said in the quarterly report that he is more optimistic about the large market value stocks and some Internet stocks in Hong Kong stocks. On the one hand, the value stocks of Hong Kong stocks are basically leading enterprises or central enterprises. These assets are of high quality and can withstand the fundamental pressure most, so the risk is small. The Internet stock business of Hong Kong stocks is deeply embedded in China's economy, with a clear pattern, but its core business barriers are still relatively solid; On the other hand, the value shares of Hong Kong stocks corresponding to the value shares in A-Shares are very cheap, but they are cheaper in Hong Kong stocks, and the corresponding dividend yield remains at a very high level; Internet stocks in Hong Kong stocks gathered under various pressures and their valuations fell to an undervalued level; In addition, the risk release of Hong Kong stocks in trading is relatively sufficient and the trading is not crowded. With the gradual release of fundamentals, regulatory level and liquidity pressure, it is worthy of attention.
The latest heavy positions of Liu Gesong, Fu Youxing and Wang Chong have been exposed! These stocks were overweight
Ruiyuan new trend! Two "top stream" Fu Pengbo and Zhao Feng's latest heavy positions were exposed
Famous Fu Youxing's latest position: Kweichow Moutai Co.Ltd(600519) withdraw from the top ten heavy positions and increase his holdings in light industry, auto parts and other sectors
"Raise a brother" Zhang Kun four seasons: Tencent holdings, Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) high-end Baijiu stocks reduced focus
